Glassnode Data Shows Short-Term Bitcoin Investors in Continuous Loss Since November 2025

According to ChainCatcher, Glassnode shared data on social media showing that the STH-NUPL metric (measuring the ratio of unrealized gains and losses of new investors relative to the market value of short-term holders) indicates that new investors have continuously been in a net unrealized loss position. For this group to return to a net profit status, a Bitcoin price rebound above approximately $98,000 appears to be the minimum threshold. According to ChainCatcher, following the historical patterns of bear markets and sharp corrections, prolonged declines during bear markets may gradually force these short-term holders (STH, new investors) to sell off their positions at a loss (realizing their losses). In the 2018 bear market, the STH-NUPL dropped as low as around -0.6, with a large number of short-term players cutting their losses and realizing massive losses, ultimately eliminating a significant amount of speculative bubbles and allowing the market to hit a bottom and begin a new bull cycle. In the 2022 bear market (after the FTX collapse), the STH realized losses reached a record high. After weak hands were cleared out, the price bottomed around $16,000 and subsequently entered a bull market.